Crypto flourishes in Vietnam with 16.6 million holders (report)

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The “Vietnam Crypto Market Report 2022” revealed that 16.6 million Vietnamese own digital currencies, with bitcoin being the most popular asset.

Another research conducted by Chainalysis placed the Asian country as the world leader in cryptocurrency adoption, with a score of 1,000.

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The study, reported by local media, estimated that 16.6 million Vietnamese had purchased cryptocurrencies (about 17% of the country’s population). 31% of them have invested in bitcoin, making it the most preferred digital asset.

The research determined that Thailand is the only country with more HODLers than Vietnam in the Association of Southeast Asian Nations (ASEAN).

Apart from having a huge number of crypto investors, Vietnam is also home to several blockchain projects which mainly focus on GameFi (Game Finance), NFT or Web3.

The Vietnamese have founded seven of the top 200 blockchain organizations in the world, Axie Infinity, Coin98, and Kyber Network being a few examples. Axie Infinity is among the most popular blockchain-based games, peaking at nearly three million users in early 2022. The user base dipped below one million in the following months before back up again in early 2023.

The game suffered a severe backlash in March last year after North Korean hacking collective – the Lazarus Group – drained over $600 million worth of digital currencies from Ronin Network – an Ethereum-linked sidechain that powers Axie Infinity. The project improved its security policy and restarted operations three months later.

A world leader according to Chainalysis

“The 2022 Global Crypto Adoption Index,” a study by Chainalysis, described Vietnam as the world leader in cryptocurrency adoption, reaching a score of 1,000. The platform claimed that one of the reasons for this success could be the great interest in blockchain-based games in the region. It should be noted that Vietnam also ranked first in the 2021 research.

The Philippines – another country located in Southeast Asia – was second with a score of 0.753, while war-torn Ukraine was third with 0.694.

Most of the countries in the top 20 list included lower-middle-income economies, such as Nigeria and Indonesia, and upper-middle-income economies (Argentina, Brazil, Turkey).

Two of the world’s super economies – the United States of America and the United Kingdom – also found their places, ranking 5th and 17th respectively.

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